Gpt Group H1 FFO Climbs; Stock Up

Shares of GPT Group (GPT.AX,GPTGF.PK) were gaining around 3 percent in Australian trading after the integrated diversified property group reported Monday higher first-half funds from operations or FFO, with growth in revenues.

For the first half, FFO was A$302.3 million, an increase of 23.6 percent from last year’s A$244.5 million. FFO per security increased 24.6 percent to 15.64 cents from 12.55 cents a year ago.

Adjusted FFO or AFFO was A$266.3 million, compared to A$197.1 million last year.

GPT’s statutory net profit after tax was A$760.5 million, as compared to a loss of A$520.4 million in the prior period. The result mainly reflected positive investment property valuation movements of A$471.7 million, compared to last year’s negative revaluation of A$711.3 million.

Earnings per unit from continuing operations was 38.9 cents, compared to loss of 27.8 cents a year ago.

Revenue increased to A$386.5 million from A$361.6 million last year. Total revenue, fair value adjustments and other income was A$989.1 million, higher than prior year’s A$353.7 million.

Assets under management was A$13.5 billion, compared to A$12.9 billion as of December 31, 2020.

Further, the company said it targets to distribute 95 to 105 percent of free cash flow.

Regarding the outlook, the company noted that as announced earlier, it has withdrawn its FFO and distribution guidance for 2021 given the uncertainty in relation to the duration and impacts of the lockdown measures being implemented to suppress the spread of COVID-19, particularly in Greater Sydney.

The company said, “While COVID-19 continues to be disruptive and provide near term uncertainty, we expect this to be transitory, and a solid recovery in economic growth will return once vaccination rates reach a level that allow restrictions to be eased on more sustained basis.”

In Australia, GPT Group shares were trading at A$4.82, up 3.43 percent.

Source: Read Full Article